Bitcoin’s price has been a roller coaster ride for investors for 15 years, but a new batch of Bitcoin ETFs will seek to replace the asset’s stomach-churning free falls with relatively modest declines—or none at all.

Calamos’ first “Protected Bitcoin ETF” will hit the market Wednesday, offering investors 100% downside protection against Bitcoin’s price with limited upside potential.

From retail investors to financial advisors, Bitcoin’s risk profile has deterred a notable number of market participants who may be wary of Bitcoin’s steep drawdowns despite its growing adoption, Calamos Head of ETFs Matt Kaufman told Decrypt.

“Calamos has built Bitcoin exposure with a safety net, and you can choose how low that safety net goes,” he said. “Bitcoin is a historically extremely volatile asset, and so a lot of people have been on the sidelines watching this experiment turn into an institutional reality.”

Calamos’ ETFs will be listed on the Cboe, with its 100% Protected Bitcoin ETF set to debut at a price of $25 Wednesday. The product’s so-called cap range, expected to be anywhere between 10% to 11.5%, will be struck at the end of the day. From that point on, the ETF will aim to offer 100% downside protection against Bitcoin’s price, with a cap range struck again next year.

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Author: André Beganski

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